UBS Sued for $500 Million by Chinese Tycoon Over Deal Gone Awry
- Guo says bank wiped out his investment with margin call
- UBS denies any wrongdoing in dealings with Chinese businessman
Steve Bannon, right, and Guo Wengui in 2018. Guo sued UBS Group AG in London.
Photographer: Don Emmert/AFP/Getty ImagesThis article is for subscribers only.
Guo Wengui, a wealthy Chinese businessman with close ties to Steve Bannon, stepped up his fight to claim $500 million from UBS Group AG that he lost after the bank called in a margin loan.
Guo, who’s lived in exile in New York for more than five years, sued UBS in London, saying the bank pressured him into agreeing to borrow money tied to the purchase of shares in Chinese brokerage Haitong Securities Co. Guo said UBS forced the sale of the stock amid a market rout and a 45% plunge in Haitong’s Hong Kong-traded shares in 2015, wiping out his investment.